Axsome Therapeutics (NASDAQ:AXSM) Shares Gap Down – Here’s What Happened

by · The Cerbat Gem

Axsome Therapeutics, Inc. (NASDAQ:AXSM – Get Free Report) gapped down before the market opened on Monday. The stock had previously closed at $144.43, but opened at $137.15. Axsome Therapeutics shares last traded at $129.2240, with a volume of 650,574 shares.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Axsome Therapeutics in a research report on Thursday, October 15th. Deutsche Bank Aktiengesellschaft cut their target price on Axsome Therapeutics from $280.00 to $267.00 and set a “buy” rating on the stock in a research report on Tuesday, September 29th. Guggenheim boosted their target price on Axsome Therapeutics from $260.00 to $275.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. BMO Capital Markets began coverage on Axsome Therapeutics in a report on Monday, July 20th. They issued an “outperform” rating and a $310.00 price target for the company. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Axsome Therapeutics in a research note on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $274.68.

Get Our Latest Stock Report on Axsome Therapeutics

Axsome Therapeutics Stock Performance

The company has a market cap of $6.80 billion, a price-to-earnings ratio of -34.84 and a beta of 0.86. The firm has a 50-day simple moving average of $184.76 and a 200 day simple moving average of $198.93. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 1.52.

Axsome Therapeutics (NASDAQ:AXSM – Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.38. The company had revenue of $259.69 million during the quarter, compared to analysts’ expectations of $249.19 million. Axsome Therapeutics had a negative return on equity of 265.55% and a negative net margin of 24.68%. The firm’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.94) earnings per share. On average, sell-side analysts predict that Axsome Therapeutics, Inc. will post -3.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Axsome Therapeutics news, COO Mark L. Jacobson sold 10,000 shares of Axsome Therapeutics stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $208.65, for a total value of $2,086,500.00. Following the transaction, the chief operating officer directly owned 10,000 shares in the company, valued at approximately $2,086,500. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Herriot Tabuteau sold 45,004 shares of Axsome Therapeutics stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $212.01, for a total transaction of $9,541,298.04. Following the completion of the transaction, the chief executive officer owned 7,229 shares in the company, valued at approximately $1,532,620.29. This represents a 86.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 59,664 shares of company stock worth $12,624,805 over the last ninety days. Corporate insiders own 20.60% of the company’s stock.

Hedge Funds Weigh In On Axsome Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in AXSM. BlackRock Inc. acquired a new stake in Axsome Therapeutics during the 2nd quarter worth approximately $759,695,000. First Trust Advisors LP grew its stake in shares of Axsome Therapeutics by 1,230.2% in the 1st quarter. First Trust Advisors LP now owns 577,479 shares of the company’s stock valued at $97,606,000 after purchasing an additional 534,066 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Axsome Therapeutics in the 2nd quarter valued at approximately $110,756,000. Canada Pension Plan Investment Board purchased a new position in shares of Axsome Therapeutics in the 2nd quarter valued at approximately $55,171,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Axsome Therapeutics in the second quarter valued at approximately $48,275,000. Hedge funds and other institutional investors own 81.49% of the company’s stock.

Axsome Therapeutics Company Profile

(Get Free Report)

Axsome Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered in New York, the company develops medicines for conditions with significant unmet medical needs, including depression, narcolepsy, excessive daytime sleepiness, and other neurological disorders.

Axsome’s commercial products include Auvelity (dextromethorphan and bupropion), an oral treatment approved in the United States for major depressive disorder in adults, and Sunosi (solriamfetol), a therapy for excessive daytime sleepiness associated with narcolepsy or obstructive sleep apnea.

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